Karora Resources Inc. (TSX: KRR) (OTCQX: KRRGF) is pleased to announce record consolidated gold production of 38,437 ounces for the third quarter of 2022 from its Beta Hunt and Higginsville mines in Western Australia. Third quarter production includes approximately 2,500 ounces of “coarse gold” (see Karora news release dated August 18, 2022). As previously stated, coarse gold occurrences at Beta Hunt are best described as periodic upside to mine production, as demonstrated during this record quarter.

Gold sales for the quarter were 35,513 ounces. Karora’s consolidated unaudited cash balance was $56 million as of September 30, 2022.

Paul Andre Huet, Chairman & CEO, commented: “The third quarter was very strong operationally for Karora, particularly following the incorporation of the newly acquired Lakewood Mill into our operations, which began in August. In our first two months of owning two producing mills, we were able to optimize our blend of material from the Beta Hunt Mine, the Aquarius and Two Boys underground mines at Higginsville, our Spargos open pit mine and some of our lower-grade surface stockpiles to achieve a new quarterly gold production record and beat our previous record set in Q2 2022 by an impressive 25%. I would like to acknowledge the efforts of our milling and processing teams in achieving this impressive milestone right out of the gate.

We were also very pleased to announce an additional coarse gold discovery in August, which contributed 2,436 ounces to our record quarter. While we certainly enjoy these periodic coarse gold injections as we encounter the sedimentary band typically hosting coarse gold at Beta Hunt, it is important to note that we achieved a record quarter even without the additional coarse gold ounces – a testament to the track record of operational delivery we have established across our operations at Karora.

Karora sits in an excellent position both operationally and financially. We now control two top tier operating mills centrally located in the prolific Kalgoorlie region and an unrivalled land package totaling 1,900km² paired with an aggressive +A$20M annual exploration budget. All of this is supported by a robust balance sheet and operational cash flow generation that underpins our plan to grow production to 185,000 to 200,000 gold ounces per annum within the next couple years.”

About Karora Resources

Karora is focused on increasing gold production to a targeted range of 185,000-205,000 ounces by 2024 at its integrated Beta Hunt Gold Mine and Higginsville Gold Operations in Western Australia. The Higginsville treatment facility is a low-cost 1.6 Mtpa processing plant, which is fed at capacity from Karora’s underground Beta Hunt mine and Higginsville mines. Karora recently acquired the 1.0 Mtpa Lakewood Mill in Western Australia. At Beta Hunt, a robust gold Mineral Resource and Reserve are hosted in multiple gold shears, with gold intersections along a 4 km strike length remaining open in multiple directions. HGO has a substantial Mineral gold Resource and Reserve and prospective land package totaling approximately 1,900 square kilometers. The Corporation also owns the high grade Spargos Reward project, which came into production in 2021. Karora has a strong Board and management team focused on delivering shareholder value and responsible mining, as demonstrated by Karora’s commitment to reducing emissions across its operations.